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Trade Deficit Widens to USD 4.5 bln in 2008
Civil Georgia, Tbilisi / 3 Feb.'09 / 18:34

Georgia’s negative trade balance widened to USD 4.56 billion, against USD 3.98 billion in 2007, according to the Statistics Department.

It said that Georgia’s total foreign trade turnover rose 17.2% amounting to USD 7.55 billion in 2008, with export reaching USD 1.49 billion – 21.5% more than in 2007 and import – USD 6.05 billion, a 16.2% increase over 2007.

Turkey is the Georgia’s major trading partner with the trading volume amounting to USD 1.2 billion, up by 33.7% over 2007. Trading volume with Turkey accounted for 15.9% (rose by 1.9%) of the total foreign trade turnover.

Azerbaijan comes second with USD 813,2 million – up by 56.4% over 2007 and now accounts 10.8% of the total foreign trade turnover.

Ukraine comes third with USD 791,8 million (rose 18.3%); followed by Germany – USD 467 million; Russia – USD 454 million (Russia was Georgia’s third largest trading partner in 2007 and second in 2006); the United States – USD 343.5 million; China – USD 307 million; United Arab Emirates – USD 283.8 million; Bulgaria – USD 231 million and Italy – USD 198.7 million.

Ferro-alloys remained the number one Georgian export in 2008, amounting over USD 267 million and accounting 17.8% of total exports; followed by ferrous metal scrap – USD 128.5 million (8.6%) and copper – USD 118 million (7.9%). Oil products and hydrocarbons top the list of imports totaling USD 967 million – up to 16% of entire imports.

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